News

Bloomberg Nearly 200 countries are nearing a legally-binding agreement to reduce pollution from the world’s cargo ships, a step forward after two years of talks on how the industry should clean up its emissions. A series of virtual meetings will start on Monday hosted by the United Nations shipping agency over a new rating system that will measure the carbon …

KHARTOUM / WAM Dr Khalid Abdel Wahhab Al Khajah, Executive Manager of the International and Humanitarian Charity Organisation (IHCO) in Ajman, laid the foundation stone for the building of a new community, named “Al Salam Village”, in Sudan’s River Nile State. The village will see the construction of 200 houses for local people affected by floods that recently swept through …

Bloomberg Oil posted a small weekly gain on tentative signs that demand is picking up even as a new wave of coronavirus cases casts a shadow over the market. Futures in New York edged lower, but still managed to record an advance of 0.7% this week on shrinking US crude stockpiles and signs of improving demand in China and India. …

Dubai / WAM Countries in the GCC are witnessing accelerated cloud adoption, aided by ongoing investment by cloud providers and the continued need for remote working arrangements, the International Data Corporation (IDC) revealed during a Dubai Outsource City event. The GCC public cloud market is expected to more than double in value by 2024, growing from $956 million this year …

Abu Dhabi / WAM The latest data issued by the Organisation of the Petroleum Exporting Countries (Opec), has shown that the UAE was one of the most committed producing countries to the deal to cut oil output, aimed at rebalancing the world oil market. According to reports issued by Opec, the UAE’s average production during the third quarter of 2020 …

Bloomberg Oil rises amid a weaker dollar and signs of improving demand in China and India. Crude futures gained as much as 2.3% in New York as the Bloomberg Dollar Spot Index weakened as much as 0.3%, raising the appeal for commodities priced in the currency. Meanwhile, refinery activity in Asia is signaling a bright spot for demand recovery. One …

Abu Dhabi / WAM Mubadala Investment Company on Tuesday announced that it is pumping 200 million euros into Evotec SE, a German pharmaceutical company that specialises in drug discovery solutions. Evotec SE said that it resolved a capital increase from its authorised capital without pre-emptive rights against cash. Evotec will issue a total of 11,478,298 new shares to Mubadala Investment …

Bloomberg The International Monetary Fund (IMF) warned that the world economy still faces an uneven recovery until the coronavirus is tamed even as it offered a less-dire view of this year’s recession following massive stimulus from central banks and governments. The fund now forecasts world gross domestic product (GDP) to shrink 4.4% this year, compared with the 5.2% drop seen …

Bloomberg The oil market will suffer a long-lasting blow from the coronavirus, with demand taking years to recover and peaking at a lower level, the International Energy Agency (IEA) said. After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on …

ABU DHABI / WAM NTS Group acquired Amega West Services, a market leader in the manufacture, repair and rental of legacy and specialised drilling equipment used in offshore and land-based Oil & Gas extraction applications, from Carpenter Technology Corporation. With headquarters in Houston and founded in 2007, Amega West has production and service plants in the United States, Canada and …